Investors zeroed in on signs of fresh trade tensions. In a speech Monday, Chinese President Xi Jinping pushed an image of his country as an open market and willing importer, but hopes for a trade deal with the U.S. were dashed after White House Economic Advisor Larry Kudlow threw cold water on that idea on Friday.

Focus will also fall on U.S. midterms, where polling suggests Republicans could lose the house to the Democrats, but keep power in the Senate. The outcome of a two-day Federal Reserve meeting later in the week will also capture attention.